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Revenue Recognition

Date recorded:

The Board held a short session to discuss a revised approach for the joint IASB-FASB Revenue Recognition project. This revised approach will be discussed at the joint meeting with the FASB on 23-24 October 2006.

The proposal is to work to develop both the customer consideration model and the fair value model instead only focusing on one model. This is proposed because each of those models has support from members of both the FASB and the IASB without any clear majority among either Board favouring either of the two models. In addition, the development would best be performed by establishing two small groups of Board advisers, from both Boards, that should advise and assist the staff in developing the models. That would mean that the development but not deliberation would be done mostly outside the Boards' open meetings.

The Board indicated agreement with the proposed approach but emphasised that such a project should be brought to Board meetings at certain stages during the development for review and discussion. Staff indicated that the FASB had already indicated agreement with the proposal.

Friday 20 October 2006

The topics originally scheduled for this day were discussed on other days, and the Board did not meet on 20 October 2006.

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